* China raises banks' reserve requirements
* Dell, Marvell rally after results
* Dow up 0.2 pct, S&P up 0.3 pct, Nasdaq up 0.2 pct
* For up-to-the-minute market news see []
(Updates to close)
By Leah Schnurr
NEW YORK, Nov 19 (Reuters) - Semiconductor shares rallied
on Friday as robust revenue from Marvell Technologies buoyed
the sector, but the market ended flat for the week as investors
backed away from a strong autumn advance.
The major stock indexes finished little changed on Friday
after China's central bank raised bank reserve requirements for
the second time in two weeks, stepping up its fight to rein in
prices in a move that could temper growth. For details, see
[]
The S&P 500 was just below 1,200, an important
psychological level, and analysts said if it fails to break
above that mark convincingly, the index could trade in a tight
range for the rest of the year.
Volume was light as strength in the materials and tech
shares offset earlier selling. On the Nasdaq, Marvell
Technologies Group Ltd <MRVL.O> rallied 6.1 percent to $20.09
after its revenue topped expectations. []
"A lot of the semis do well in an inflationary environment
and we have been seeing more and more of our customers trying
to set up for impending inflation," said Dave Lutz, managing
director at Stifel Nicolaus in Baltimore.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For Special Report-A far from random walk from Wall Street,
click []; for a multimedia PDF version, see
http://link.reuters.com/rab36q
For a GM BUY OR SELL story, see []
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
William Delwiche, an investment strategist at Robert W.
Baird & Co in Nashville, said overall sentiment indicators have
grown too bullish.
He sees the market in a pullback or trading range "until we
get the optimism worked off and some pessimism built up. At
that point that could clear the way for the typical year-end
rally supported by favorable Fed policy, strong seasonal
trends, and strong breadth underlying the market."
The Dow Jones industrial average <> added 22.32 points,
or 0.20 percent, to 11,203.55. The Standard & Poor's 500 Index
<.SPX> edged up 3.04 points, or 0.25 percent, at 1,199.73. The
Nasdaq Composite Index <> put on 3.72 points, or 0.15
percent, to 2,518.12.
After a nearly 13 percent run-up in September and October,
the S&P 500 has slipped 2.1 percent in the last two weeks on
concerns of tightening in China and debt woes in Europe. A
financial aid plan to help Ireland cope with its battered banks
will be unveiled next week, EU sources said on Friday.
[]
For the week, indexes were flat with the S&P inching up
0.04 percent, the Dow adding 0.1 percent, and the Nasdaq off
0.004 percent.
In a potentially positive sign, the S&P managed to break
above its 20-day moving average after slipping below it earlier
in the week.
Marvell helped boost the rest of the semiconductor sector,
including SanDisk <SNDK.O>, which rose 3.9 percent to $39.98.
The semiconductor index <.SOX> gained 1.6 percent.
Also on the Nasdaq, Dell Inc <DELL.O> rose 1.7 percent to
$13.90 after it raised its profit outlook. []
General Motors Co <GM.N> eased 0.2 percent to $34.26 one
day after its record-setting initial public offering.
Separately, Harrah's Entertainment terminated its own IPO,
citing market conditions. []
(Reporting by Leah Schnurr; Additional reporting by Edward
Krudy; Editing by Kenneth Barry)
